India Passenger Car Market to Reach $ 31.7 billion by 2026
Rising per capita income,
increasing demand for enhanced convenience while commuting coupled with
favorable regulatory scenario for boosting adoption of environmentally safe and
technologically advanced cars to increase sales of passenger cars in India
until 2026
According
to TechSci Research report, “India
Passenger Car Market
By Vehicle Type, By Fuel Type, By Transmission Type, By Engine Capacity Type,
By Segment Type, By Region, Competition, Forecast & Opportunities, 2026”, India passenger car market is forecast to grow at a CAGR
of 10% and cross $ 31.7 billion by 2025, owing to increasing per capita income
and expanding middle class population. Rising number of government efforts such
as reduction of GST from 28% to 18% coupled with incentives on buying electric
vehicles is expected to have a positive impact on the country’s passenger car
market in the coming years. Increase in consumer spending and rising demand for
economical and technologically advanced vehicles with automatic transmission
systems such as Hatchback and Sedan cars are also expected to boost demand for passenger
cars until 2026.
Browse 49 market data Figures and Tables spread through 110 Pages and an in-depth TOC on "India Passenger Car Market"
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India passenger car market can be classified based on Vehicle Type, by
Engine Capacity, by Fuel type, by Transmission type, by Segment type, by Region
and by Company/Brand. In terms of vehicle type, the market is classified into Sedan,
Hatchback, Sports Utility Vehicle and Multi-Purpose Vehicle. Hatchback segment accounts
for the largest market share and this trend is expected to prevail during the
forecast period. However, a decrease in customer buying trend towards hatchback
cars is being witnessed, with consumer preference growing SUVs and Sedans. In terms of fuel type, we can witness stable growth
trend for Petrol variants during the forecast period as has been the case over
the last five years. By segment type, the market is divided into eight types -
Mini, Compact, Micro, C1, C2, D, E and F. Market shares for Compacts, C1, C2
and E cumulatively account for lion’s share of the market and are exhibiting a
stronger growth trend as well.
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Maruti Suzuki India Limited,
Hyundai Motors India Limited, Mahindra and Mahindra Limited, Honda Cars India
Limited, Tata Motors India Limited, Toyota Kirloskar Motor Private. Limited., Ford India Private Limited, Volkswagen
Group India Limited, Mitsubishi Motors India Limited and Fiat Chrysler
Automobiles India Private Limited are some of the leading players operating in India
passenger car market. “Maruti Suzuki India Limited dominated India passenger
car market in FY2020, and the company is expected to hold it leadership
position in the coming years, predominantly due to its extensive distributor
and abundance network across the country coupled with a wide range and
consistently evolving product portfolio of the company.”, said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“India
Passenger Car Market By Vehicle Type, By Fuel Type, By Transmission Type, By
Engine Capacity Type, By Segment Type, By Region, Competition, Forecast &
Opportunities, 2026” has
evaluated the future growth potential of passenger car market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers, challenges,
and opportunities in India passenger car market.
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